Nov
16

Economy: Expert Sees Light at End of Tunnel

By
Economist Bruce Yandle predicts deep recession before improvements seen in 2010

By Carlos Galarza – upstatetoday.com

November 15, 2008

The sour economic headlines are everywhere.

Among them is the record drop in retail sales, which was at 2.8 percent last month, making it the steepest decline since such indicators began to be tracked in the early 1990s.

Some retailers taking big hits Friday were Sears Holdings Corp. and Office Depot. Each reported declines of more than 12 percent. Meanwhile, Qualcomm, the biggest maker of mobile-phone chips and Motorola Inc. dropped 5 percent each. Also, Nokia, another big player in the mobile phone industry, predicted its global shipments would shrink next year.

The debate on whether the government should bail out General Motors and Ford has continued to resonate, and U.S. stocks ended on the down side for the second consecutive week.

At Friday morning’s Oconee County Chamber of Commerce breakfast, economic expert Bruce Yandle told a gathering at the Hamilton Career Center that there is a light at the end of the tunnel.

Following a PowerPoint display of charts and graphs, Yandle concluded that the U.S. economy would “begin to feel better” in the first quarter of 2010.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.upstatetoday.com/news/2008/nov/15/economy-expert-sees-light-end-tunnel/
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